- Bhutan’s offers rise INR 6,000/t ($65/t) m-o-m
- Tight supply keeps China market stable
Indian ferro silicon (Si:70%) prices witnessed an increase of INR 2,000/t ($22/t) as compared to the assessment on 30 March. Prices increased post new offer announcement from Bhutan for April at INR 106,000/t ($1,140/t) exw.
As per BigMint’s assessment on 6 April, ferro silicon prices in India were INR 106,000/t ($1,140/t) exw-Guwahati. Bhutan’s prices were also at the same level. Around 2,000 t of deals were finalised last week in both countries within a price range of INR 106,000-107,000/t ($1,140-1,151/t) exw.
Market summary (31 March – 6 April)
Bhutan’s offers set tone for market: Following Bhutan’s announcement of April ferro silicon offers at INR 106,000/t ($1,140/t) exw, sellers across Bhutan and Northeast India aligned their quotations. Steady buying interest in the market supported price stability and enabled sellers to maintain firm offers.
However, some suppliers attempted to push prices higher, quoting up to INR 110,000/t ($1,183/t) exw, though trading activity at these elevated levels remained limited due to buyer resistance. Market participants noted tight availability of reliable material, which continued to influence sentiment. A Bhutanese seller told BigMint, “Most Indian plants have shut down, but Bhutanese production in many new plants has not yet stabilised, leading to higher prices for good and reliable material.”
Stable Chinese market: Ferro silicon (Si:75%) prices in China inched down a little by RMB 50/t ($7/t) w-o-w to RMB 6,100/t ($886/t) exw-Inner Mongolia. The market remained largely stable, supported by stable electricity and semi-coke costs, which continued to underpin producer offers. On the supply side, low operating rates and reduced inventories kept spot availability tight, supporting price stability. Meanwhile, downstream steel mills maintained cautious and need-based procurement. Trading activity stayed subdued amid a wait-and-watch sentiment in both buyers and sellers.
In the near term, ferro silicon prices are expected to move within a narrow range with limited fluctuations. Stable costs and gradual demand recovery may lend support, though cautious buying interest and potential supply-side adjustments could cap any significant upside.
ZCE futures drop w-o-w: Ferro silicon futures for June 2026 delivery on the Zhengzhou Commodity Exchange (ZCE) saw a decrease of RMB 158/t ($23/t) w-o-w to RMB 5,716/t ($831/t) on 7 April, compared with RMB 5,874/t ($853/t) on 31 March.
Outlook
Ferro silicon prices in the coming days are expected to stay at existing levels as elevated offers are yet to gain acceptance in the market.
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